Cleo Addams is an indie author. In her free time, she enjoys researching and writing articles on a wide variety of topics.
Within the past few months, a crypto currency named Dogecoin (pronounced: DOHJ coin) has become quite popular thanks to the support of entrepreneur and billionaire, Elon Musk. Now, many other celebrities have joined the Dogecoin craze as well, including Gene Simmons and Snoop Dog.
This craze (I call it the "crypto rush") has brought crypto currency to the attention of people who may never have thought of investing in crypto, until now. However, a quick trip to a Dogecoin community on Facebook or Reddit may leave you with more questions than when you started. It can certainly be overwhelming. In fact, my own journey down crypto lane left me with more questions than answers (and certainly more frustration). Thus, is the reason why I wrote this guide. I want to help you get started in crypto - fast and easy.
What Exactly Is Dogecoin?
To give you a bit of history on what Dogecoin is, we must go back to 2013 when software engineers, Billy Markus and Jackson Palmer, created the currency. It was based off a meme called the Doge meme.
The coin is officially represented on crypto wallets and exchanges by an icon of a gold coin with a bold Ð. However, on the web you’ll find many different designs for Dogecoin such as a coin sporting the bold Ð but also including the face of the dog in the Doge meme, a Shiba Inu with wide eyes (whose real name is Kobosu).
Dogecoin quickly gained traction just thirteen days after it was released increasing 300%, rising from $0.00026 to $0.00095, in value per coin. Another spike of Doge currency also took place in late January 2021, when the price of Doge went from $0.02 to $0.05 a coin within a period of about two weeks.
What You'll Need To Get Started
Before you get started with Dogecoin, you'll need to sign up for a crypto wallet and complete several verifications. So stop and make sure you have these items before continuing:
- An email address that is yours and yours alone. Don't use an email that you share with someone else. (If you don't have an email of your own, sign up for one at Gmail, Yahoo or Outlook.)
- A pen and paper
- A smart phone with front facing camera
- The Google Authenticator app installed on your smart phone
- Your driver's license or passport
- A bank account in your name at a major bank in your country. (In the United States some major banks would be Bank of America, Citibank, Chase and Wells Fargo.)
- You also need to be in a well-lit area so that you can take bright and clear pictures of your I.D. and face
Step 1. Setup a Crypto Wallet
The very first step is to setup a crypto wallet. A crypto wallet is a virtual wallet where you will store your crypto currency. It’s just like a real wallet, except it’s either in a cloud or on hardware. For this guide, I’m going to be using Uphold which is a cloud wallet and exchange all in one. Uphold will get you started in cryptocurrency with ease.
Signing up for an Uphold account is easy and free. All you need is an email address to confirm your registration.
Web link: https://Uphold.com
Step 2. Add a Bank Account & Purchase Your First Dogecoin
Next, you’ll need to add funds to your account. You can do this by adding your bank account directly to Uphold or using Plaid which is a 3rd party service that uses encryption to link your bank account to the site. However, Plaid does not support all banks. You’ll need to have an account with at least one of the major banks such as Bank of America, Citibank, Chase, Wells Fargo, etc. (Note: There is also a place to add a Mastercard or Visa card on Uphold, but I have had no luck using a Mastercard to purchase crypto currency.)
After you add your bank account, you can buy Dogecoin with your currency. (They did charge me a 4.5% fee for buying Dogecoin with USD. So just be aware that there will be a fee.)
Here’s a quick video tutorial that shows you how to add a bank account to your Uphold account and purchase crypto currency.
Step 3. Complete the Verifications & Record Your Withdrawal Key
After you’ve purchased your Dogecoin, I would suggest that you go ahead and do the Identity Verification. (Look for this highlighted in blue on the top left of your screen.) This was a very simple process for me, and I completed it within 5 minutes. To do this, you’ll need a smart phone, the Google Authenticator app installed on your phone, your driver’s license or passport, and also you’ll need to be in a well-lit room so that you can take bright and clear pictures of your identification and face.
After you complete the Identity Verification, go ahead and enable the Two-Step Verification. During this process you will be given a key code. Make sure you write this key down and make copies. If your goal is to invest large amounts of money into crypto, I would suggest that you buy a safe that is fireproof and waterproof to keep a copy of your key in. Also, it’s not a bad idea to get a safe deposit box at your local bank and keep a copy of the key in there as well. If you lose this key, you may not be able to withdraw your money from your Uphold account.
Step 4. Cashing Out Your Dogecoin to Your Currency or Swapping for Another Crypto Currency
If you want to cash out your Dogecoin or swap it for another crypto currency, you’ll follow the same process as when you first purchased Dogecoin. Except this time you’ll be moving Dogecoin to your currency or another crypto such as Bitcoin. (See the image below for reference.)
Is Crypto the Currency of the Future?
With crypto currency gaining more and more traction each year, I really do believe that it will become the main currency used in the future. Also, how cool would it be if you could say that Dogecoin (originally created as a joke) was one of the top currencies of the world? Plus, who wouldn’t want a cute dog on their currency? I know I would.
Useful Web Links
The official Dogecoin website
- Dogecoin Group on Reddit
r/dogecoin: The most amazing place on reddit! A subreddit for sharing, discussing, hoarding and wow'ing about Dogecoins. The much wow innovative …
- IRS | FAQ on Virtual Currency Transactions
Frequently asked questions and answers about Virtual Currency transactions.
- Wikipedia, “Dogecoin”, https://en.wikipedia.org/wiki/Dogecoin, Accessed 2/7/21
- Wikipedia, “Doge (meme)”, https://en.wikipedia.org/wiki/Doge_(meme), Accessed, 2/7/21
- CryptoCurrency Guide, “7 Types of Cryptocurrency Wallets”, https://www.cryptocurrencyguide.org/7-types-of-cryptocurrency-wallets/, Accessed 2/7/21
This article is not to be taken as financial advice nor is the author a financial advisor. Invest and use crypto at your own risk. It can be extremely volatile.
The author was not compensated by Uphold, Dogecoin or Bitcoin to reference them in this article.
This article is accurate and true to the best of the author’s knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.
© 2021 Cleo Addams